The barometer index, S&P BSE Sensex ended 237.98 points, or -0.84%, down at 28,182.14 today and the CNX Nifty could not hold on to its psychological level of 8,600 slipping 74.00 points or -0.86% down at 8,529.45 today.

Benchmark indices ended lower, amid choppy trades, weighed down by selling pressure in Sun Pharma and FMCG shares even as Infosys rallied on encouraging first quarter earnings. The Sensex, which was trading in a narrow band of 100 points for most of the session, took a sudden plunge of over 250 points in the late trade. The Nifty also took a sudden profit booking fall right at the last hour of trade today in which it lost almost 80 points.

The monsoon session of the Parliaments started on a rocky note, failing to impress the market participants. The session, which will function for 3 weeks, is expected be volatile as the opposition likely to target the government over multiple scandals that erupted in the recent past. However, the government would like to pass the key bills that include the rollout of GST Bill as well as the passage of the controversial Land Acquisition Bill.

Further, the India Meteorological Department (IMD) in its daily report said that the country has received 7% below Long Period Average (LPA) rainfall till date. The progress in monsoon would be keenly watched by the traders and the central bank.

Correction on cards; can build long positions on IT counters, says Mitesh Thacker. Today was one of the days when the immediate or the short-term trend on the intraday charts got disturbed. The 50-pack Nifty is close to its support level of 8,530. In case we start breaking below that level, 8,450-8,420 on the downside could be easily revisited. That means there could be another 100-point cut. Most importantly, you might not get an uptrend immediately after that. We might have some kind of choppiness, more of a consolidative movement, before the index starts going up. Possibly, IT is the only hiding space. It is the only space where you would be comfortable holding aggressive long positions, he adds.

Nifty to face tough resistance at 8,600; 40-50 point decline on index possible, says Sandeep Wagle. Nifty will see some more downside to the tune of 40-50 points. I would be worried, if 8,450 level on the index is broken. If any of the hourly charts signal that, then one can even talk of 8,350 or so. So far, I think that 8,450-8,460 should be held on to and we are likely to witness a bounce back from those levels. On the upside, I would say 8,600 on the index will act as some kind of a resistance. It would not so easy to cross, he adds.